PxPixel
Luxury tax proposal dies in Illinois - Trade Only Today

Luxury tax proposal dies in Illinois

Author:
Publish date:

The Illinois state legislature’s revenue and finance committee decided yesterday not to move forward with a bill to impose a 5 percent luxury tax on boats costing more than $200,000, according to the National Marine Manufacturers Association.

Mark Adams, vice president of sport shows for the NMMA, along with opponents from six different marine-related organizations and businesses, attended the hearing to testify in opposition to the tax.

But before testimonies could be heard, the committee echoed industry concerns about the tax and withheld a motion to take up the legislation.

“While we understand Illinois must address its looming budget deficit, we are pleased the committee realizes a counterproductive tax like this one is not the answer,” said David Dickerson, NMMA director of state government relations, in a statement.

“Despite assurances from the bill sponsor that similar measures will not be pursued, we will continue to monitor any new legislation moving forward,” he added.

Related

New boat sales relatively flat in June

New boat sales in June grew marginally, with a 1.1 percent rise in the main powerboat categories and just 0.2 percent growth overall, according to preliminary data from Statistical Surveys Inc., a Michigan firm that tracks registrations.

Mazu releases new sportfishing app

Technology and satellite communications company Mazu has launched sportfishing app that seeks to give anglers weather and sea state information, and provide powerful communications capabilities via satellite.